Telescope Fund

“Arabella advisors, a nationwide consulting firm with expertise in philanthropy and nonprofit organization management, provides management and administrative services to telescope fund. Arabella advisors ensures that telescope fund complies with federal, state, and local regulations, and provides other administrative functions for telescope fund, including hr, payroll, and compliance support services so that telescope can focus entirely on their philanthropic and charitable goals.”

“The articles of incorporation and bylaws were amended to update the purpose of the organization. Previously, telescope fund was organized as a type i supporting organization of new venture fund, an organiztion described in section 501(c)(3) and 509(a)(1) of the internal revenue code; the articles of incorporation and bylaws both included language (consistent with the requirements of type i supporting organizations) indicating telescope fund was "...organized, and at all times hereafter shall be operated, exclusively for the benefit of, to perform the functions of, or to carry out the purposes of new venture fund." the amendments to the articles of incorporation and bylaws of telescope fund removes the language indicating telescope fund is a supporting organization of new venture fund, as telescope fund intends to operate as an organization described in section 501(c)(3) and 509(a)(1) of the internal revenue code.”

“Telescope fund does not have "members" by definition of the bylaws; however, the form 990 instructions further defines a "member" as any person (including a corporation or other legal entity) who has the right to elect members of the governing body. Accordingly, telescope fund has one member with the power to elect members of the board of directors: new venture fund.”

“New venture fund has the power to appoint at least a majority of telescope fund's board of directors.”

“Upon receipt of the completed form 990 from telescope fund's independent tax accountant, the organization's management and legal counsel reviews a draft of the form; adjustments are made, as necessary. Telescope fund then sends the completed form 990 to all members of the board of directors for review and comment and, upon addressing all comments, the form 990 is filed with the internal revenue service.”

“All persons covered by the organization's conflict of interest policy (which include all directors and officers) are required to declare conflicts of interest annually. Covered individuals cannot vote on matters before the board when they have a conflict in the matter. Disinterested members must determine whether or not there are any suitable alternatives to potential transactions that cause conflict. If a covered person is found to be in violation of this policy, it may be cause for removal from the board of directors.”

“The organization did not compensate a top management official, officer, or key employee during 2023.”

“Currently, telescope fund does not make its governing documents, conflict of interest policy, and financial statements available to the public, except to the extent included in the application for exempt status, which is publicly available.”